Indiana Corn Field, July. Courtesy of usvoternews.com
Information from droughtmonitor.unl.edu
There are some improvement in weather, some rainfall in certain area, temperature has dropped but the overall situation is still bad.
"As of last week, 87% of the U.S. corn crop, 85% of soybeans, 63% of hay, and 72% of cattle areas were experiencing drought".
Click 'Drought Monitor' for reports.
Technically there is one more surge to 1900 level to complete the sub-wave v of wave 5.
The price of Crude Palm Oil (CPO) so far does not follow the soybeans price movement. Since early June, the soybeans has moved from $1,250/bu. to the current level of above $1,600/bu., whereas the CPO price has moved from above Rm3,000/ton to the current level of around Rm2,750/ton during the same period. The earning of plantation stocks of Bursa Malaysia will remain flat at best.
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